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Tuesday, 18 December 2012

ExxonMobil to explore offshore South Africa

ExxonMobil has announced that its
affiliate, ExxonMobil Exploration and Production South Africa Limited, will
soon begin exploration activities offshore South Africa.

The ExxonMobil affiliate signed an
agreement with Impact Africa Limited (Impact), a subsidiary of Impact Oil &
Gas Limited, to acquire a 75 percent participating interest in the Tugela South
Exploration Right and will become operator. Under the agreement, the affiliate
also has the right to acquire 75 percent participating interests in future
exploration rights in three offshore areas covered by technical cooperation
permits currently held by Impact. These exploration rights and the affiliate’s participating
interest in them are subject to South African government approval.

The Tugela South Exploration Right
covers approximately 2.8 million acres offshore Durban on the east coast of
South Africa with water depths extending from the coastline to approximately
6,500 feet. The future exploration rights cover an additional 16 million acres
offshore with water depths extending from the coastline to approximately 9,800
feet.

Separately, the ExxonMobil affiliate also has
executed a technical cooperation permit with the South African government to
study the hydrocarbon potential of the Deepwater Durban Basin covering
approximately 12.4 million acres offshore Durban. A technical cooperation
permit is an exclusive right to study an area for one year. The ExxonMobil
affiliate can apply to the South African government for an exploration right if
it chooses to explore this area further.